Problema Solution
A building has a market value of $229,000.00. If it is assessed at 40% of market value and the tax rate is 40 mills, find the property tax.
Answer provided by our tutors
50% of market value is $229,000 * 0.50 = $114,500. A rate of 40 mils (note: one "L") is 40/1000 of the assessed value. That makes the tax: $114,500 * 40/1000 = $4,580